The mortgage market review
The Mortgage Market Review (MMR) was a comprehensive review of the mortgage market, which started with a Discussion Paper in 2009 and culminated in a Policy Statement and final rules in October 2012. It was designed to ensure that the property and mortgage crisis of 2007 would not happen again. It set out the case for reforming the mortgage market to ensure it is sustainable and works better for consumers. It had become clear by the height of the market in 2007, that, while the mortgage market had worked well for many people, it had been a cause of severe hardship for others. The MMR package of reforms is aimed at ensuring the continued access to mortgages for the great majority of customers who can afford it, while preventing a return to the poor practices that we saw in the past.
With the implementation of MMR due on 26th April 2014, the majority of Lenders have been making their lending criteria changes over the past 18 months in anticipation of this date. We would strongly recommend that anyone looking to buy a new property or who have a current mortgage deal due to expire shortly start to collect together all of the information that the Lenders will now be asking for.
To ensure a smooth and efficient application process you would need to bring to your initial meeting:
1) Your Passport
2) Your last 3 months Bank Statements
For Employed Applicants:
3) Your last 3 payslips
4) Your latest P60
For Self-Employed Applicants:
5) Your last 3 years SA302 Inland Revenue Certificates ordered from HMRC (Tel: 0845 900 0444)
6) Your last 3 years Signed Accounts